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BOI Alternatives-New Charges

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Comments

  • #402
    hardybuck
    Registered Users Posts: 5,174 ✭✭✭hardybuck


    I don't think this is a debate about the future of banking, or the merits of the charging models adopted by banks - it's a discussion about the alternatives (...and maybe a bit of moaning about BOI's 'simplification' of their charging structure!).

    As it is we have N26, KBC and EBS who currently offer fee current accounts and who offer a viable alternative.

    Irish people have demonstrated incredible inertia when it comes to banking. This probably partly explains why we've had such little competition to choose from. We've gotten used to switching energy provider for better value - and this is the next step.

    Will be closing my BOI accounts that I've held for nearly 20 years shortly. Currently with KBC for my joint account and a savings account - very happy with them so far.

    Seriously opening up an account with N26 to avail what I hear is an excellent online platform and their lack of foreign transaction fees which the other banks charge.


  • #403
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,423 Mod ✭✭✭✭Jim2007


    calfmuscle wrote: »
    That's not a fair argument, that implies its a free market. Its not.


    It is actually, it is not particular difficult for an EU bank to enter the Irish market. But when a condition of enter that market is that customers expect you to give a way your services for free... it's not surprising that no bank is interested.


    calfmuscle wrote: »
    No employer pays cash and as we are being rail roaded to a cashless society we have no choice but to use banks. Therefore banks have an unfair advantage in our society. I use a non Irish bank as it serves me well but to say "if you don't want the service then don't use it" is ridiculous. You can use another bank but you are forced to use a bank.


    Ridiculous is expecting to have a competitive market in free services... if people don't want to pay for services then they should not be surprised if there are limited options...


    Nobody can make new bank enter the Irish market and give their services away for free. And on the other side the Irish taxpayers are expecting to recover a large portion of the costs of the recapitalization of the Irish banks, not put more in to cover the cost of free services.


    The days of free services is coming to an end all over Europe, even the digital banks are now starting to report declining profits and even losses in some cases.


    Originally the idea of free banking was sold internally at banks as a 'feeder' to get the customers in and sell them other profitable services. The problem is that they then turned around and made those profitable services into commodities... Back in the days when free banking was being introduced, the asset management side of the business was measuring profit in percent today it's in base points.



    Banking was a very profitable business, but we're seen a series of really bad management decisions without follow through that has turned it into a commodity industry:
    - Free banking with a failure to convert those customers to fee generators
    - Tracker mortgages where the source of funds did not lending objectives nor the cost structure for that matter

    - Securitization to the point that the started to believe their own BS and started to put it into the capital structure of the banks.


    With the exception of the UK, most European banks, including Ireland, are OK from a capital point of view because of Basle III, but as a business it's a farce.



    We're going to have a difficult time over the next couple of decades.


  • #404
    The J Stands for Jay
    Registered Users, Registered Users 2 Posts: 5,807 ✭✭✭The J Stands for Jay


    We've got to get used to having banks. At the moment we can move to get free banking. According to the predictions here, in the future we will move to get the services we want at the lowest cost to us; the same as we do with almost every product and service.

    I've used a lot of banks over the years:
    AIB
    Bank of Ireland
    Ulster Bank
    HSBC
    Halifax
    Permanent TSB
    KBC
    Anglo
    Nationwide UK Ireland
    Rabobank
    N26
    Bunq
    Revolut (not a bank, but...)

    I've used each one as it suited me (starting with AIB giving me a moneybox on school) and moved on when they stopped suiting me (or they closed down). None of them care how long you've had an account with them, they just care about the profit they can make from you. You don't need to be with a bank for years to get a mortgage, I got my mortgage from a bank I'd never had an account with.

    TLDR: move banks whenever their services and costs stop suiting you.


  • #405
    Limpy
    Users Awaiting Email Confirmation Posts: 1,105 ✭✭✭Limpy


    https://www.thejournal.ie/paschal-donohoe-banks-5239692-Oct2020/

    Did anyone move to Ulster bank. Could be wound down according to article.


  • #406
    ButtersSuki
    Registered Users, Registered Users 2 Posts: 53,028 ✭✭✭✭ButtersSuki


    Hi all,

    Without having to read 25+ pages of comments can someone give me a quick synopsis of the various options?

    Or has anyone like Charlie Weston written any articles on this topic recently?


  • #407
    theguzman
    Registered Users, Registered Users 2 Posts: 2,081 ✭✭✭theguzman


    For anyone here thinking of EBS beware their online banking system is absolutely pathetic, it is a rare occasion where I can log straight in, this morning on my ninth attempt I got in, the notification was not sent to my phone on 6 previous login attempts and on the other 2 it still failed, Strong Customer Authentication is an absolute farce with EBS and I am actually thinking of moving away from them over this issue as I want to be able to login every few days without this hassle. Each time you change or format your phone you need to call them up for a new letter to be sent out with a unique ID and that could take 10 days. I had to factory restore my iPhone last year and set it up as a new phone for a clean install as the unlock was granted by Eir and I had to go through that rigmarole BS all over again, I'm planning to upgrade to the iPhone 12 now since I could do no foreign travel this year and face the same horse manure from EBS again.


  • #408
    coylemj
    Registered Users, Registered Users 2 Posts: 25,492 ✭✭✭✭coylemj


    Agree that EBS login can be a compete PITA and the biggest hassle happens if your phone gets reset (e.g. when being repaired) or you get a new phone. The 'pairing' exercise sounds like the 30 second job where you match up a new Bluetooth gadget or car kit but it actually involves asking them to send you a hardcopy letter with a new code. If you have an EBS account and plan on getting a new phone, you can ask for a new pairing code in advance, bear that in mind.

    My record with signing on is six attempts. Sometimes (as happened this morning) the message never arrives at your phone (to press 'confirm') or it does and you get an approved message on the browser but then there's a problem and you have to start again.


  • #409
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Recently opened an account with BOI from abroad. Think it’s called a ‘moving home from abroad’ account or something similar.

    It was a good bit a hassle and I found the whole process to be very fact finding for them. Nosy bunch to be honest. And they weren’t very happy to hear the kind of sums I’d be moving home. Lots of talk about proving where my money came from.

    All good though. All the banks and governments are doing is protecting us from the terrorists. That’s why they need to know so much about us.

    My question to anyone that has opened a N26 account - was it a tortuous event ? Or is it a simple user friendly experience ?

    This thread has been good because I could write-off the EBS straight away in light of their processes.


  • #410
    calfmuscle
    Registered Users, Registered Users 2 Posts: 746 ✭✭✭calfmuscle


    [Deleted User] wrote: »
    .
    My question to anyone that has opened a N26 account - was it a tortuous event ? Or is it a simple user friendly experience ?

    This thread has been good because I could write-off the EBS straight away in light of their processes.

    Yup opening my n26 account was so simple and refreshing. All done via the app, no crap about coming into branch which only open 10 til 3 Monday to Friday like most Irish banks. Very simple and easy.


  • #411
    Shinsen
    Registered Users Posts: 80 ✭✭Shinsen


    Dear all,

    You're probably aware of the new bank account charges introduced by Bank of Ireland (and soon to be introduced by AIB, as far as I understood).
    Could I please ask for the vision of BOI's clients?
    Will you be continuing keeping your account with BOI or have you been thinking of moving into another bank?
    I used to avail of the free charges by keeping my balance not lower than a certain amount but now I am going to be charged no matter what.
    Thank you for advising.


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  • #412
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,757 Mod ✭✭✭✭Henry Ford III


    Threads merged.


  • #413
    Car99
    Registered Users, Registered Users 2 Posts: 2,530 ✭✭✭Car99


    BOI are stuck in the past like the national flag carrier airlines in the 90's . The budget airlines made the flag carriers tighten up their ship or go out of business. BOI are now probably the most expensive day to day bank in Europe and their online platforms are nowhere near the level they should be.
    It's like they don't want customers who require normal day to day banking services.


  • #414
    Eduard Khil
    Registered Users Posts: 796 ✭✭✭Eduard Khil


    Government are investigating the poor customer service from Eir and Vodafone I think the banks will be getting looked at next year it is a disgrace for autistic customers of BOI calling banking365 phone to hear the change in tone of the different messages specifically the we are experiencing high call volume one. I'm sticking with them personally until I move home sometime next year I will be setting my new rent account with some other bank


  • #415
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,423 Mod ✭✭✭✭Jim2007


    Car99 wrote: »
    BOI are stuck in the past like the national flag carrier airlines in the 90's . The budget airlines made the flag carriers tighten up their ship or go out of business. BOI are now probably the most expensive day to day bank in Europe and their online platforms are nowhere near the level they should be.
    It's like they don't want customers who require normal day to day banking services.

    And your analysis, sorry opinion, is stuck in the 90s as well. Take a good look at the financial statements of any European bank and you’ll find a commodity industry. The days of profitable banking are gone for now and consequently so are the days of free services. Even the fully online banks are starting to report losses.

    Irish banks are a bit behind in turfing out free loaders - customers whom they can’t make a profit on. They are only starting to introduce fees and negative interest rates, while some mainland European banks have started to close accounts of unprofitable customers.


  • #416
    hardybuck
    Registered Users Posts: 5,174 ✭✭✭hardybuck


    It's high time that the pillars of EU were applied to financial services and we had more competition from overseas banks.

    Most banks in the UK offer free banking, although that'll probably change over time. It's fair enough to point to European banks who charge for current accounts, but they also charge far less for products such as mortgages.

    I think another poster hit the nail on the head when they mentioned the airline industry and the inefficient national carriers many of us will remember.

    I'd be interested to see how bad (or not) the fallout will be for BOI here.


  • #417
    Car99
    Registered Users, Registered Users 2 Posts: 2,530 ✭✭✭Car99


    Jim2007 wrote: »
    And your analysis, sorry opinion, is stuck in the 90s as well. Take a good look at the financial statements of any European bank and you’ll find a commodity industry. The days of profitable banking are gone for now and consequently so are the days of free services. Even the fully online banks are starting to report losses.

    Irish banks are a bit behind in turfing out free loaders - customers whom they can’t make a profit on. They are only starting to introduce fees and negative interest rates, while some mainland European banks have started to close accounts of unprofitable customers.

    The same freeloaders that bailed them out not so long ago.


  • #418
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,423 Mod ✭✭✭✭Jim2007


    Car99 wrote: »
    The same freeloaders that bailed them out not so long ago.


    That would be the bailout that never happened. The reality is that the state was forced to take over and recapitalize the banks. The result of which is that the state is now a majority holder and the former shareholders got wiped out as they should have.


    The intention it to bring the banks to a point where they can be sold off and recover the capital. Continuing to have the taxpayer fund free financial services is not part of that plan. Nor should it be.


    Now this tread is about finding alternative services etc....


  • #419
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,423 Mod ✭✭✭✭Jim2007


    hardybuck wrote: »
    It's high time that the pillars of EU were applied to financial services and we had more competition from overseas banks.


    All EU directives on banking are applied, European banks are free to establish in the state, passport services if they wish etc.... so what exactly are you referring to?


    The reality is that on EU bank is going to be motivated to enter a market where they know they will loose money...


    hardybuck wrote: »
    It's fair enough to point to European banks who charge for current accounts, but they also charge far less for products such as mortgages.



    That has long been debated on AskAboutMoney.... the reality is that banks don't like to enter foreign markets when it comes mortgages because when they do they almost always loose. And institutional investors tend to come down hard on boards of directors how suggest doing it.



    I think another poster hit the nail on the head when they mentioned the airline industry and the inefficient national carriers many of us will remember.


    But most of the budget airlines when bust and those that survived have failed to build the necessary capital structures to deal with the current fall out, hell even BA are now selling of the furniture.


    So that did not work out well, but it is not surprising, it because a commodity industry and most players suffered as a result and that is what is happening to banking right now as well - a race to the bottom.



    I'd be interested to see how bad (or not) the fallout will be for BOI here.


    Since the objective is to reduce non fee paying customers and concentrate on fee payers, the more that leave the better. You are effectively pushing loss makers onto your competitors. Eventually they will have to react as well - no one can to continue giving their services away for free over the long haul.


  • #420
    major interest
    Registered Users Posts: 68 ✭✭major interest


    Shinsen wrote: »
    Dear all,

    You're probably aware of the new bank account charges introduced by Bank of Ireland (and soon to be introduced by AIB, as far as I understood).
    Could I please ask for the vision of BOI's clients?
    Will you be continuing keeping your account with BOI or have you been thinking of moving into another bank?
    I used to avail of the free charges by keeping my balance not lower than a certain amount but now I am going to be charged no matter what.
    Thank you for advising.

    In the process of closing BOI current account and opening an account with KBC. The KBC account offers free banking if you lodge at least €2,000 per month (e.g. salary). The online offering is also reputed to be better.


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  • #421
    hardybuck
    Registered Users Posts: 5,174 ✭✭✭hardybuck


    major interest wrote: »
    In the process of closing BOI current account and opening an account with KBC. The KBC account offers free banking if you lodge at least €2,000 per month (e.g. salary). The online offering is also reputed to be better.

    Have been with KBC for a couple of years for my joint account and just moved my personal account there from BOI. Much better online and you can avail of the bonus savings rate too.


  • #422
    hardybuck
    Registered Users Posts: 5,174 ✭✭✭hardybuck


    Jim2007 wrote: »
    All EU directives on banking are applied, European banks are free to establish in the state, passport services if they wish etc.... so what exactly are you referring to?


    The reality is that on EU bank is going to be motivated to enter a market where they know they will loose money...







    That has long been debated on AskAboutMoney.... the reality is that banks don't like to enter foreign markets when it comes mortgages because when they do they almost always loose. And institutional investors tend to come down hard on boards of directors how suggest doing it.






    But most of the budget airlines when bust and those that survived have failed to build the necessary capital structures to deal with the current fall out, hell even BA are now selling of the furniture.


    So that did not work out well, but it is not surprising, it because a commodity industry and most players suffered as a result and that is what is happening to banking right now as well - a race to the bottom.






    Since the objective is to reduce non fee paying customers and concentrate on fee payers, the more that leave the better. You are effectively pushing loss makers onto your competitors. Eventually they will have to react as well - no one can to continue giving their services away for free over the long haul.

    As you're a moderator you'll presumably not want to contribute to any further off topic discussion, however I will briefly say that I think you're a bit wide of the mark on a few points you've thrown out there.


  • #423
    Yyhhuuu
    Registered Users, Registered Users 2 Posts: 798 ✭✭✭Yyhhuuu


    hardybuck wrote: »
    Have been with KBC for a couple of years for my joint account and just moved my personal account there from BOI. Much better online and you can avail of the bonus savings rate too.

    KBC Bonus Saver rate was reduced.

    I closed my BOI current account. A previous poster was correct: BOI don't care about customer loyalty, they just care about profits. Well they're not getting my money. So F.U
    BOI! Nice knowing you...

    I opened a free current a/c with EBS as I previously earned 1.25% with their regular saver a/c. Their internet banking is very poor. Sometimes multiple attempts to log in. No mobile banking app.


  • #424
    adox
    Registered Users, Registered Users 2 Posts: 19,018 ✭✭✭✭adox


    Yeah I closed mine. I already had a KBC account which was better overall. Just moved any direct debits etc to them any updated any online sites that had my BOI details(like revenue etc).

    They can of course charge what they want but I had no reason to stay with them and pay it. A better product elsewhere with no charges for the time being that I already used.

    All banks may indeed implement a similar flare rate charge abs if that happens I will review again but I just had no reason to hand money over to BOI at this time when it’s available free elsewhere.


  • #425
    Shinsen
    Registered Users Posts: 80 ✭✭Shinsen


    Hi all, What about TSB? I recently asked a coleague for advice. He said that he pays just the annual stamp duty.
    Thanks.


  • #426
    jerod29
    Registered Users Posts: 5 ✭jerod29


    Shinsen wrote: »
    Hi all, What about TSB? I recently asked a coleague for advice. He said that he pays just the annual stamp duty.
    Thanks.

    He probably has a legacy account like me, I used to avoid fees by lodging 1500 euros into my account every month, then last year they did away with that and now my balance has to be over 2500 euros to avoid fees, I'm guessing that's what your friend is doing. However that option is not available to new customers.


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  • #427
    Yourmama
    Registered Users, Registered Users 2 Posts: 205 ✭✭Yourmama


    I'm watching this thread since first post and it's time for me to add something. I was with BOI for 15 years and at the beginning the account was free. Then I had to keep 1k at all times, fine. Then I had to keep 3k to keep it free, fine. Then even if I had 3k i paid 5 euro every 3 months. Since I never paid any fees on any of my accounts this was a bit of surprise but it wasn't enough for me to leave.
    When new monthly charges were announced I didn't wait and moved to KBC. I have to say it was pretty much painless process, I filled out some forms for my payroll and for KBC with date when I want my current account close and move money to KBC. I got notification of my direct debits and that my providers were informed on change. This went with a hiccup and I got two phone calls from credit control departments surprised I closed account and they can't take my money. This was problem on their side rather than banks since I got copy of notification sent to them.
    Overall happy new customer of KBC and adiós BOI, let's hope it stays this way.


  • #428
    hardybuck
    Registered Users Posts: 5,174 ✭✭✭hardybuck


    Yourmama wrote: »
    I'm watching this thread since first post and it's time for me to add something. I was with BOI for 15 years and at the beginning the account was free. Then I had to keep 1k at all times, fine. Then I had to keep 3k to keep it free, fine. Then even if I had 3k i paid 5 euro every 3 months. Since I never paid any fees on any of my accounts this was a bit of surprise but it wasn't enough for me to leave.
    When new monthly charges were announced I didn't wait and moved to KBC. I have to say it was pretty much painless process, I filled out some forms for my payroll and for KBC with date when I want my current account close and move money to KBC. I got notification of my direct debits and that my providers were informed on change. This went with a hiccup and I got two phone calls from credit control departments surprised I closed account and they can't take my money. This was problem on their side rather than banks since I got copy of notification sent to them.
    Overall happy new customer of KBC and adiós BOI, let's hope it stays this way.

    Welcome to the K(BC) Club! Similar to me - I'd been with BOI for nearly 20 years. I think a lot of people will get experience of change now and will be more likely to change again when they see something that suits them better.


  • #429
    Shinsen
    Registered Users Posts: 80 ✭✭Shinsen


    I am also with BOI for almost 20 years and the last thing that I want to do is shopping around for opening a new bank account, but if I have to do it... hence why I am on this forum.
    I was wondering though, what if the other banks (Kbc, etc...) that offer free banking will start charging like BOI or almost like in the next (and possibly near) future?


  • #430
    Neowise
    Registered Users, Registered Users 2 Posts: 1,372 ✭✭✭Neowise


    Shinsen wrote: »
    I am also with BOI for almost 20 years and the last thing that I want to do is shopping around for opening a new bank account, but if I have to do it... hence why I am on this forum.
    I was wondering though, what if the other banks (Kbc, etc...) that offer free banking will start charging like BOI or almost like in the next (and possibly near) future?


    If that happens, then you shop around for the cheaper option.
    Previously to recent times, BOI was 20 euro per annum. Thats been upped to 72 euro per annum. KBC is currently 0 per annum, if they up it to 20 per annum you are still better of for the move.


  • #431
    hardybuck
    Registered Users Posts: 5,174 ✭✭✭hardybuck


    Shinsen wrote: »
    I am also with BOI for almost 20 years and the last thing that I want to do is shopping around for opening a new bank account, but if I have to do it... hence why I am on this forum.
    I was wondering though, what if the other banks (Kbc, etc...) that offer free banking will start charging like BOI or almost like in the next (and possibly near) future?

    Yeah echo another poster - I think the days of staying with a bank for 20 years are over.

    There has traditionally been terrible inertia from consumers in Ireland, but we've gotten used to moving energy suppliers etc. and moving banks should be the same.

    If the banks think that Irish consumers aren't ever going to leave them they have no incentive to offer better value or service.


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  • #432
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,423 Mod ✭✭✭✭Jim2007


    hardybuck wrote: »
    If the banks think that Irish consumers aren't ever going to leave them they have no incentive to offer better value or service.


    When a customer is unwilling to pay fees the best thing to do is how them the door. And that is happening these days.


  • #433
    -=al=-
    Registered Users, Registered Users 2 Posts: 4,290 ✭✭✭-=al=-


    I think folks are happy to pay fees for a good service, but more than tripling the fees with a terrible excuse while providing below par banking is having a laugh


  • #434
    hardybuck
    Registered Users Posts: 5,174 ✭✭✭hardybuck


    Jim2007 wrote: »
    When a customer is unwilling to pay fees the best thing to do is how them the door. And that is happening these days.

    Even if they're all charging fees you'll go to wherever you get best value.


  • #435
    L1011
    Registered Users, Registered Users 2 Posts: 69,551 ✭✭✭✭L1011


    FSPO complaint now in over a complete series of disasters by BOI during a BOI->KBC move; albeit extensively BOI Mortgages not listening to BOI current account side and then sending me a reply that may as well have been to someone elses complaint.

    Current account switch code may as well not exist.

    BOI mortgage should be gone by the end of the month too so I'll only have my credit card there - which is basically the only thing they actually handle in a 21st century manner with a live balance/transactions list available via their *other* website and not 365. Jokeshop.


  • #436
    Nermal
    Registered Users Posts: 2,704 ✭✭✭Nermal


    L1011 wrote: »
    Current account switch code may as well not exist.

    It's useless. If you're lucky, your originators may get a paper letter which will probably never be acted on.

    The only thing that will fix the banking market is IBAN portability.

    Imagine having to change your phone number when you switched networks - how often would people do that?


  • #437
    L1011
    Registered Users, Registered Users 2 Posts: 69,551 ✭✭✭✭L1011


    In my case, Zurich and Laya did act on the letter. BOI did not act on the letter from BOI!


  • #438
    thebo
    Registered Users Posts: 98 ✭✭thebo


    Planning on ditching my boi current account as don't have much on it and only use it for online purchases. But €6 month is not worth it.

    I have a savings account with them that I will keep as there is no charges on that.

    Thinking switching to revolut just wondering can I top up my revolut account with my boi savings account?


  • #439
    Yyhhuuu
    Registered Users, Registered Users 2 Posts: 798 ✭✭✭Yyhhuuu


    thebo wrote: »
    Planning on ditching my boi current account as don't have much on it and only use it for online purchases. But €6 month is not worth it.

    I have a savings account with them that I will keep as there is no charges on that.

    Thinking switching to revolut just wondering can I top up my revolut account with my boi savings account?

    I'm sure you could set up Revolut as a sepa payee. Just remember Revolut is not a bank. I would not keep large sums with the latter.


  • #440
    silenoz
    Registered Users Posts: 126 ✭✭silenoz


    Yyhhuuu wrote: »
    KBC Bonus Saver rate was reduced.

    I closed my BOI current account. A previous poster was correct: BOI don't care about customer loyalty, they just care about profits. Well they're not getting my money. So F.U
    BOI! Nice knowing you...

    I opened a free current a/c with EBS as I previously earned 1.25% with their regular saver a/c. Their internet banking is very poor. Sometimes multiple attempts to log in. No mobile banking app.

    I think KBC would have been the safer option over EBS, based on what has been said on here.
    I decided to switch to EBS a few months ago. It has been a bit of a disaster, I have a few previous posts about it.

    I initially went for EBS for two reasons:
    - No min. balance required
    - EBS will do the transfer of DDs, SOs etc.. for you (just fill out a form!)

    Well, moving on from all the issues I had with setting up the account and the online access (see previous posts). I also have to ring them again to activate the debit card (still haven't done that).

    Going back to the Transfer Request form... I contacted EBS several times about it. Took a while to get someone to talk to me about it. When I finally did, the EBS guy told something to the effect of "oh no, I wouldn't use that form, customers are having huge issues with getting the transfer team to do the transfers. Set them all up individually yourself".

    So, for anyone still thinking of changing: I think the KBC account has more benefits and is probably easier to set up.


  • #441
    L1011
    Registered Users, Registered Users 2 Posts: 69,551 ✭✭✭✭L1011


    All banks do the transfer procedure, they're required to. But it barely works at all regardless of bank


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  • #442
    PHG
    Registered Users Posts: 475 ✭✭PHG


    Yyhhuuu wrote: »
    I'm sure you could set up Revolut as a sepa payee. Just remember Revolut is not a bank. I would not keep large sums with the latter.

    Revolut has a banking license and is fine use. I use a mix of them and KBC.

    BOI is pure crap. Have gotten rid of everything with them and UB in favour of tRev and KBC. Back for xmas and once my quarantine and negative test are done I'm closing the accounts as they have to be done in branch


  • #443
    Hibernicis
    Registered Users, Registered Users 2 Posts: 1,621 ✭✭✭Hibernicis


    PHG wrote: »
    Back for xmas and once my quarantine and negative test are done I'm closing the accounts as they have to be done in branch

    Unless there are unusual circumstances, you should be able to close your BOI account without going near a branch. The instructions are here and these link to the form you need to complete. Note that in my case the form I submitted online wasn’t processed by BOI (quelle surprise) within the allocated timescale and BOI claimed that they never received my closure application so I resubmitted it and it was closed a few hours later.

    If you do this straight away you will avoid a chunk of charges.


  • #444
    Frozen Veg
    Registered Users Posts: 513 ✭✭✭Frozen Veg


    Alot of credit unions now doing current accounts and debit cards. €4 per month.

    Great to deal with.


  • #445
    Yourmama
    Registered Users, Registered Users 2 Posts: 205 ✭✭Yourmama


    Frozen Veg wrote:
    Alot of credit unions now doing current accounts and debit cards. €4 per month.


    The whole idea here is to avoid charges. If I was to drop from 6 to 4 euro, I wouldn't bother, especially between bank and CU it's worth the extra. Luckily there are free options with banks out there.


  • #446
    bugsyb4
    Registered Users Posts: 389 ✭✭bugsyb4


    silenoz wrote: »
    I think KBC would have been the safer option over EBS, based on what has been said on here.
    I decided to switch to EBS a few months ago. It has been a bit of a disaster, I have a few previous posts about it.

    I initially went for EBS for two reasons:
    - No min. balance required
    - EBS will do the transfer of DDs, SOs etc.. for you (just fill out a form!)

    Well, moving on from all the issues I had with setting up the account and the online access (see previous posts). I also have to ring them again to activate the debit card (still haven't done that).

    Going back to the Transfer Request form... I contacted EBS several times about it. Took a while to get someone to talk to me about it. When I finally did, the EBS guy told something to the effect of "oh no, I wouldn't use that form, customers are having huge issues with getting the transfer team to do the transfers. Set them all up individually yourself".

    So, for anyone still thinking of changing: I think the KBC account has more benefits and is probably easier to set up.

    Moved all our accounts to KBC and wish had done it earlier was sick of BOI. I also moved all DD over myself as felt at least I was the one responsible if something went wrong and thankfully all worked well. With KBC around 3 months now and no issues so far although we already had an extra current account with KBC to take advantage of good interest rates they used to have on savings account and to reduce mortgage interest rate by 0.20% so we weren't coming to it cold, just we still did our day to day banking with BOI no idea why!!

    Quick tip which won't work for everyone if looking to have the 2k hit account through the month. My wife has her salary going into her own current account twice a month but it is under 2k but what she does is move some of that into our joint account and then a few days later back into her own account again and has had no issues so far. Might be useful for some out there who use Revolut, N26 etc and wants a banking presence.


  • #447
    youcancallmeal
    Registered Users, Registered Users 2 Posts: 8,037 ✭✭✭youcancallmeal


    Is there any word on BOI rolling back on this, surely they must be losing loads of customers? I have a joint account with my wife and at least 10 different payments are coming in and out of our account, would be a nightmare changing them all. I use KBC Extra + Revolout for my personal banking. Might just have to bite the bullet and move the joint account over to KBC.


  • #448
    Lmkrnr
    Registered Users Posts: 187 ✭✭Lmkrnr


    I moved current acc to kbc. No charges now. I left My savings in the AIB deposit account which i can view still on the App.

    If i need to remove a large sum or deposit a check I can still use AIB. I'd recommend that option.


  • #449
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,423 Mod ✭✭✭✭Jim2007


    youcancallmeal wrote: »
    Is there any word on BOI rolling back on this, surely they must be losing loads of customers? I have a joint account with my wife and at least 10 different payments are coming in and out of our account, would be a nightmare changing them all. I use KBC Extra + Revolout for my personal banking. Might just have to bite the bullet and move the joint account over to KBC.


    Loosing not paying customers means you save costs. Sure you'll loose some paying ones as well, but the over all outcome for the bank will be positive. Taking on such customers will negative consequences for the new bank. Expect the trend to continue and plan accordingly.


  • #450
    youcancallmeal
    Registered Users, Registered Users 2 Posts: 8,037 ✭✭✭youcancallmeal


    Jim2007 wrote: »
    Loosing not paying customers means you save costs. Sure you'll loose some paying ones as well, but the over all outcome for the bank will be positive. Taking on such customers will negative consequences for the new bank. Expect the trend to continue and plan accordingly.

    I'm not sure I get you, do you mean that they have retail customers who aren't paying fees?


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  • #451
    hardybuck
    Registered Users Posts: 5,174 ✭✭✭hardybuck


    It's fantastic that Irish consumers are finally switching. Their inertia has discouraged competition in the sector.


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